JereFuzz wrote:TraceItalian wrote:JereFuzz wrote:Wrapping up "Between Debt and the Devil" by Adair Turner. It was published in 2016 and is another "crash of 2008 and its consequences" book. Nevertheless, it's a good one and it argues that credit expansion was good when it was used for capital investments that had a rate of return greater than the cost of interest and added significant efficiencies to an economy. But the financial/credit system expanded rapidly and now credit is used primarily for non-productive consumer spending (housing/toys/etc.). After the 2008 collapse, the economy is now hung over with debt overhang. Lowering consumer spending to pay down debt leaves a "hole" in the economy. This is filled with government spending. Hence, private (mortgage) debt that sunk the economy in 2008 has been transferred to the public sector. What's not clear is what to do next. The debt/GDP ratio was 62% in 2007. Today it is 108%. Consumer debt/GDP fell in the years following the 2008 collapse but it is now going up again. Anyway, interesting stuff.
I just got doene with it last night, but have you read Capitalist Realism? It kinda dovetails that. Plus, his mentor is batshit insane, so thats fun
Well, Capitalist Realism looks very interesting after reading about the author. I am familiar with zero books and have a bunch of them on my “to read” list. So I assume you are referring to Zizek as the mentor. He’s entertaining but I haven’t delved into his works. I see CR is at my local B&N ... i’ll pick it up.
Nah, I mean the gibbering moonbat Nick Land, who has such a hard on for capitalism that he believes that it will only be perfect by becoming a Lovecraftian entity that destroys humanity